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BP Stockholder Won’t Step Down From Oil Spill Investigation

BP Stockholder Won’t Step Down From Oil Spill Investigation

Amidst reports that the Gulf of Mexico oil spill may be twice the size estimated two weeks ago, it’s been revealed that a multimillionaire House Republican (who happens to own thousands of shares of BP stock) is a key player in the  congressional investigation of the spill.

It doesn’t take a genius to see that this is a significant conflict of interest.

Rep. James Sensenbrenner, who represents the wealthiest district in Wisconsin, has openly chastised President Obama for threatening to prosecute BP in court but avoided directly criticizing BP for the spill itself.

What the Congressional committee “finds” with regard to negligence preceding the spill, and the way Capitol Hill votes on this issue could directly affect Sensenbrenner’s investments in the oil company. But, under House rules, he is not required to recuse himself from BP-related issues, Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington, told the AP.

Apparently, House rules only prohibit such lawmakers from being involved with a bill “in which the lawmaker is the only one in which he or she has an interest.”

(Note: If you figure out a way to interpret that statement in plain English, feel free to share it in the comments!)

If nothing else, Sensenbrenner’s presence (and refusal to leave) the spill probe committee rattles the confidence of those who hoped that the U.S. Attorney General’s announcement of both criminal and civil investigations would actually hold those responsible for this environmental disaster accountable to the fullest extent of the law.

It’s worth noting, however, that in 2005, Sensenbrenner — over the objections of BP — voted in favor of a ban on oil and gas drilling in the Great Lakes.

Meanwhile, U.S. Geological Survey Director Marcia McNutt told reporters that BP’s first “successful” attempt to slow the flood of oil from the severed underground pipe is only collecting a fraction of what’s escaping into the ocean.

“The lowest estimate that we’re seeing that scientists think is credible is about 20,000 barrels, and the highest we’re seeing is probably a little over 40,000, and maybe a little bit more,” depending on how much natural gas is also being released from the well, McNutt said.

As a comparison, the new figures mean that BP’s first successful attempt at containing the oil, a suction tube inserted into the riser pipe, collected at most only about one day’s worth of the leaking oil over the nine-day period it was used (NoLa.com).

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Find full Care2 Coverage of the Spill here.

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Image Credit: lefteyeonthemedia

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86 comments

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12:15PM PDT on Jul 8, 2010

If all oue great leaders would admit up to there kickbacks & there holdings would step down then we would not have anyone. It is a shame we have these idots in office

5:21PM PDT on Jun 29, 2010

Someone get him out of there. 1 down and how many more senators with no morals to go?

9:21AM PDT on Jun 19, 2010

Shocking.

12:25PM PDT on Jun 17, 2010

ANOTHER EXAMPLE OF REPBS PROTECTING CORPORATIONS

11:45AM PDT on Jun 15, 2010

FYI for care2 members and all humanity: This is NOT a coincidence AT ALL. WAKE UP PEOPLE! WAKE UP!!!

The spill -with the help of more than 1,021,000 gallons of toxic dispersants dumped into the ocean- will move up the Northeast coast of the U.S. will head toward Iceland and then over to Europe. Result? Further cooling of the UK and North Europe and destruction of the fisheries industries in those areas, plunging Europe into food shortages and economic turmoil.

This is all part of the very long range plan to roll out the Anglo-Saxon Mission. Large contingents are making plans to go off-world and elsewhere in the long run. Watch the movie KNOWING as it contains a precursor event very similar to the actual oil rig explosion in the Gulf ... this info is all over the net. See this video clip from the movie: http://www.youtube.com/watch?v=ZQur_rsnc0o Coincidence? NO!!! This is called fore shadowing. How does this help the Anglo-Saxon Mission you have to ask and the answer is obvious. People are limited, can't move around freely, etc.

The endgame is they are moving toward global depopulation. From 6 billion people to 500 million. This is all part of the New World Order. Inform yourselves and WAKE UP before it's too late!

8:39AM PDT on Jun 15, 2010

He needs to just stepdown hasent he caused enough people and wildlife enough pain?

12:08PM PDT on Jun 14, 2010

This is why we should not have any corporate mentalities serving (?) as postions of Public Servants...no matter what party they belong to.

10:32AM PDT on Jun 14, 2010

Suzy White

From what do speak? If you are going to critize these posts and tell people they are not educated on the issue, I would like you to explain why you feel this way. And apparently you are in agreement that this congressman should be able to make laws that benefit him. I would like to hear why you think this is right.

6:36AM PDT on Jun 14, 2010

BP shareholders are richer because BP cut corners such as safety, which led to this tragedy. They should use ALL money from shares as well as top execs private funds.

8:27PM PDT on Jun 13, 2010

another bunch of non-informed and ill-informed readers spouting off with more sludge than the oil spill.

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

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Beth Buczynski Beth is a freelance writer and editor living in the Rocky Mountain West. So far, Beth has lived in... more
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